South Africa Banks Drafting Alternative Plan, City Press Says
South Africa’s banks are drafting their own transformation plan after the industry and labor unions failed to agree over black ownership targets, City Press reported, citing a person familiar with the matter.
The banks are considering pulling out of the financial- sector charter, which sets targets for changing ownership ratios in the industry, the Johannesburg-based newspaper said.
Labor unions and non-governmental organizations want the target for black ownership of financial companies raised to 15 percent in 2014 from 10 percent, while banks oppose the increase, City Press said.
To contact the reporter on this story: Jana Marais in Johannesburg at jmarais@bloomberg.net
To contact the editor responsible for this story John Viljoen at jviljoen@bloomberg.net
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